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Bankers can declare an end to their summer of scandal now that Labor Day is done — but it remains to be seen whether the next few months will be any better.
September 3 -
Receiving Wide Coverage ...Mixed Bag: The FDIC's quarterly banking profile showed loan growth (encouraging), continued loan-loss reserve releases (nice, but unsustainable) and continued squeezing of net interest margins (not so good) for the second quarter. "The lack of wind in banks' sails ... helps explain why [stock] valuations are downbeat," says the Wall Street Journal's "Heard on the Street" column. Straight news stories in the Journal and Washington Post.
August 29 -
The political game in Washington might not be one former SIGTARP Neil Barofsky was willing to play, but it suits Wall Street lobbyists perfectly. What are we, citizens and taxpayers, supposed to do now?
August 29
One year later, Occupy Wall Street is quieter, smaller and less remarkable. But its resurgence in Lower Manhattan this week shows that many people
Protestors gathered in downtown Manhattan on Monday morning, to mark the one-year anniversary of the Occupy campaign and to re-inject some momentum into a movement that
The Occupy movement has been
One protestor handed out casino chips that read, "Wall Street is a Crooked Casino." Next to him, Stephanie Shockley, an Episcopalian priest, stuffed balloons into a giant grey cloth boulder meant to represent various types of consumer debt, including student loans, payday loans and medical bills. People stopped by to write their debt complaints on the boulder: "Wells Fargo: $200,000 underwater mortgage," "Student Loan Corp.: $35,000 (14 years after graduation)."
"We were thinking of the Greek myth of Sisyphus," who was condemned by the gods to endlessly repeat the task of rolling a boulder up a hill and then watching it roll back down, Shockley said.
She and her husband, Dan Shockley, said that they wanted to represent the frustration of trying to pay back various types of debts in a system that they and many Occupy members see as rigged against consumers.
"You try to find ways to work with lenders and they don't work with you. If you declare bankruptcy, student loans aren't forgiven … and they can garnish your wages," she said.
Some protesters tried to take their anger directly to the banks. About 50 people
But by mid-morning, most bank buildings downtown were calmer — and well-protected by police, security guards and some barricades. While chants and marching continued in front of Trinity Church, customers and employees along Broadway walked easily into another Chase branch, a Bank of America (BAC) branch, a Citigroup (NYSE: C) branch and the Bank of New York Mellon (BNY) headquarters.